ACWORTH, Georgia – Mountain Express Oil Co. (MEX) acquired Texon Oil Inc., its 24 outlets and Wholesale fuel assets.
The assets, all located in the central and southern New Jersey and eastern Pennsylvania markets, consist of a portfolio of 24 Sunoco-branded gas retail outlets, 23 of which were fee-based. The facilities are a mix of automotive service bays and convenience stores operated under a model primarily operated by the company or by a commission agent. The sale also includes two vacant parcels adjacent to the operating sites with zoning approvals for large format convenience stores (3,400 square feet) and a wholesale-only account.
“We are delighted to be the buyer of Texon Oil and to expand our presence in New Jersey and eastern Pennsylvania,” said Turjo Wadud, CEO of Mountain Express Oil Co. “The addition of these sites to MEX’s network is further proof of our ability to close transactions quickly, efficiently and without disruption.
Texon Oil was founded in 1991 when the owners, Parminder (Perry) Singh and Surinder (Sam) Hundal, became Exxon USA franchisees at a single site in Stratford, NJ. Texon Oil has grown its retail business over a 30-year history to become one of the largest Sunoco distributors in the New Jersey and Eastern Pennsylvania area. In 2008, Hundal’s son, Balrup (Roop) Hundal, joined the team and was instrumental in running the business.
As part of the sale, Roop Hundal will join the MEX team as Director of Sales where he will be responsible for assisting with the transition and acquiring additional assets as part of MEX’s continued growth at across the country.
Chappaqua, based in New YorkPetroleum Equity Group (PEG) Ltd. was Texon’s main advisor during the sale.
“We could not be more pleased with the full range of advisory services provided by fuel industry veteran Ken Shriber, Managing Director of PEG, who guided us and helped us manage the entire process from start to finish. late, ”Singh said. “The decision to sell and exit the business is a difficult one and we could not have achieved our goal without Ken’s extensive knowledge, experience and skills. “
Jacklyn Fetbroyt of Kang Haggerty, Marlton, NJ, acted as legal counsel to Texon Oil, and legal services were provided to MEX by Jennifer Martin of JL Martin LLC, Atlanta.
Founded in 2000 and headquartered in Acworth, Georgia, Mountain Express Oil Co. currently owns and / or controls more than 200 gas stations and supplies fuel to more than 600 stations across the United States under several major petroleum and regional fuel brands.
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